BTC USD – Still not out of the woods

BTC USD – Still not out of the woods

The weeks ahead will determine if bitcoin is going to go parabolic before the halving event in May. The price is trying to break the 6-month downtrend channel . The breakout should occur with good weekly VOLUME to close above the upper diagonal resistance of the downtrend channel . Conditions for a confirmed trend reversal into a bull market –

1) Break above 8.5K and out of the downtrend channel with VOLUME
2) Above 21-weekly MA which is currently at 8.5K
2) Weekly RSI>55

If it keeps struggling in this channel the 200-week MA and the weekly support at 5.7K might be above to prevent further downside before a new bull market begins.

Not a financial advice and do your own research.

Published at Mon, 13 Jan 2020 03:17:48 +0000

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